"Our approach is based on a set of values ​​and guided by a set of principles on how to invest."


When we invest, we always rely on a set of values that form the basis for our attitude and actions.

We believe firmly in these values, all based on our experience, know-how and personalities.

Our perspective is that of wise long-term investors, trying to "live as we preach"

  • We are looking for low costs and high efficiency.
  • We are looking for low risk and high financial independence.
  • We strive for developed methods and clear principles.
  • We require appropriate and fair governance.
  • We are looking for partnerships with talented leaders.
  • Change and development is important to us
  • We have no problem with being boring, as long as the returns are high.

We try to avoid companies with questionable environmental or social activities.




The following principles guide us when assessing investment opportunities:​

  • We strive not to lose capital. Perhaps boring, but it is our first priority.
  • We are Value-based. We buy shares in great companies with strong management, when we can buy at a reasonable price – providing us with a safety margin.
  • We are experience-oriented. We stick to companies and sectors that we understand.
  • We are "stockpickers". We select investments based on company fundamentals and do not try to predict the market.
  • We do our own fundamental and independent analysis and prefer to look for possible acquisitions ourselves. We try to ignore the noise of the market.
  • We enjoy going against the herd, to look where others do not.
  • We do not participate in auction-like or hostile processes.
  • We look for concentration. We believe in reducing risks through a limited number of well-chosen investments that we understand well.
  • We recognize that the investment process is important. We follow a well-defined process of analysis and selection of our investments. It may take time!
  • We are patient. We do not try to be fully invested. We enjoy a large cash reserve.
  • We are long-term investors and prefer to keep our investments forever.
  • We try to achieve high returns: At least a 10% higher return than investments in large listed companies provide over time.


We balance our long-term portfolio between three asset classes:​

1) Listed shares of 20-50%
2) Unlisted shares 10-30%
3) Cash and cash equivalents 20-50%.

It gives us flexibility, risk diversification and the ability to take advantage of the market's changing valuation.


What we don't do

We have a clear view of what we want to avoid. We do not invest in:​

  • Technology Companies
  • Early stages of a company's development (Start-ups)
  • Commodity-based businesses
  • IPO's
  • Companies / operations with their main base outside Europe and the USA
  • Turn-arounds

We have excluded these alternatives to concentrate our efforts towards companies and industries that we have experience of or think are easier to understand.


Atnotera was founded in 2004. We make investments in stocks and bonds.

Our approach

A value based investor, guided by models and principles.

Unlisted companies

In private companies, built by entrepreneurs with a clear mission.

Listed companies

Low risk, traditional industries and mature businesses constituteour motto.


By invitation only